Union Budget 2017-18: Key Highlights

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Here are the highlights from the Union Budget 2017-18 presented by Union Finance Minister, Arun Jaitley. As was expected the focus was on rural, healthcare and digital.

Union Budget 2017-18: Key Highlights

  • Surcharge on annual taxable for those earning above Rs 50 lakh at 10 percent.

  • Tax rates on the initial tax bracket of Rs 2.5- Rs 5 lakhs reduced to 5% from 10%.
  • The maximum donation a political party can receive from anyone source is Rs 2000.
  • No cash transactions above Rs 3 lakhs.
  • Tax rate for companies with an annual turnover up to Rs 50 crores to be reduced to 25%, to strengthen MSME sector.
  • Instead of build-up area, carpet area will be counted for affordable housing.
  • Long-term holding period for real estate reduced to two years from the existing 3 years.
  • Fiscal deficit for 2017-18 targetted at 3.2 per cent and 3 per cent in the following year.
  • Total expenditure for 2017-18 at Rs 21,47,000 crore. Capital expenditire up 25.4% over previous year.
  • A new law to confiscate the assets of those fleeing the country.
  • Aadhaar-enabled payment system to be launched shortly for those without debit cards, mobile phones.
  • A revised guidelines would be incorporated for listing of identified PSU enterprises.
  • Rs 10,000 crores for recapitalization of government banks.
  • Shares like the government owned ICTRC to be listed on the stock exchanges.
  • FIPB to be abolished.
  • A new metro rail policy will be announced, this will open up new jobs for our youth.
  • Service tax on e-tickets booked through IRCTC will be withdrawn, says FM.
  • All coaches of Indian railways to be fitted with bio toilets by 2019
  • Rs 1.31 lakh crore capex fixed for Railways in 2017-18 including Rs 55,000 crores to be provided by govt.
  • Govt aims to eliminate kala-azar, filiarisis by 2017, leprosy by 2018, measles by 2020 and TB by 2025.
  • Affordable housing to be get infra status.
  • Quality education to energize our youth.
  • Annual learning outcomes to be rolled out in schools.
  • Participation of women in MNREGA has increased to 55% from 48% in the past, says FM
  • Rs 38,500 crores allotted for MNREGA has been increased to Rs 48,000 crore in 2017-18, the highest ever allocation.
  • Issuance of soil health cards have gathered momentum, will setup a mini lab in krishi vigyan kendras.
  • Budget themes this year according to the FM were farmers, rural, youth, poor, infra, financial, digital etc.

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